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(Sharecast News) - Clean energy technology firm Ceres Power said on Wednesday that it had raised £103m through a nonpreemptive share placing and retail offer.
Ceres Power placed 17.79m new shares with institutional investors at 570p each, raising around £101m, with the offer price representing a 6.5% discount to Monday's 609.5p closing price.
The FTSE 250-listed firm stated a further 180,000 shares were taken up by retail investors via the RetailBook platform, while directors subscribed for 31,051 shares.
In total, 18m new shares will be issued, equivalent to 9.2% of the company's existing share capital. Admission of the new shares to the London Stock Exchange was expected to take place on 12 June. Following admission, Ceres will have 213.79m shares in issue.
Chief executive Phil Caldwell said: "I'd like to thank our existing shareholders for the support and welcome our new investors who participated in the oversubscribed Capital Raise. The new funds present a clear opportunity to capitalise on commercial momentum for Ceres technology and ensure we are well placed for the future. Our core objective is establishing our technology platform as the industry standard for solid oxide as we maintain an absolute focus on commercial execution."
As of 0900 BST, Ceres Power shares were down 2.13% at 596.50p.
Reporting by Iain Gilbert at Sharecast.com
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